NCDEX CHANA UPDATE

Chana settled down by -1.71% at 4299 as pressure seen on prices after the NCDEX imposed a special cash margin of 10 percent on long side. Further, government allows duty-free imports of pulses until March next year and the reports of monsoon revival in chana growing region impart bearish sentiments.

 However, the duty concession on chickpea, or chana, extended only until this December to ensure remunerative prices to farmers and encourage them to plant the crop. 

According to the latest govt data, country has imported about over 1.52 lakh tonnes of chana in during first three months of MY 2015-16. The current zero duty on pulses ends on September 30.

 The agriculture ministry has suggested 10% import duty on pulses to boost domestic production and encourage farmers to bring more irrigated areas under pulses production. As per 4th Advance Estimates for 2014-15, Chana production is estimated at 7.17 million tonnes (mt) against 7.59 mt in 3rd estimate Latest Govt figures put kharif Pulses sown area till 11th Sept 2015 at 110.08 lakh ha, vs 99.14 lakh ha.

Chana trading range for the day is 4176-4466.
Chana prices ended with losses as pressure seen on prices after the NCDEX imposed a special cash margin of 10 percent on long side.
Further, government allows duty-free imports of pulses until March next year and the reports of monsoon revival in chana growing region.
NCDEX accredited warehouses chana stocks dropped by 5339 tonnes to 88436 tonnes.
In Delhi spot market, chana dropped by -14.7 rupee to end at 4500 rupee per 100 kgs.

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Today Turmeric Update By MarketMagnify

Turmeric settled flat on late profit booking after prices gained due to falling stocks, lower arrivals amidst festive season demand and export queries. Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period. However, deficient monsoon in August may affect turmeric production in rainfed areas. As on 26 Aug 2015, turmeric sowing In AP, is recorded at 11,724 hectares increase over last years’ acreage but below normal area of 12,275 hectares while in Telangana, 78 per cent sowing is completed at 38,990 hectares, still below the normal area 42,983 hectares as on 19th Aug.
Turmeric trading range for the day is 8636-9152.
Turmeric settled flat on late profit booking after prices gained due to falling stocks, lower arrivals amidst festive season demand and export queries.
Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period.
NCDEX accredited warehouses turmeric stocks gained by 10 tonnes to 12987 tonnes.
In Nizamabad, a major spot market in AP, the price ended at 8496 rupees gained 46 rupees.

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Zinc Drops 0.54% on Downbeat Demand

Zinc futures fell by 0.54 per cent to Rs 119.70 per kg today as speculators reduced positions in the midst of a weak trend overseas. Besides, low demand in domestic spot markets fuelled the downtrend. Zinc futures for September 2015 contract, at MCX, were trading at Rs 119.70 per kg, down by 0.54 per cent after opening at Rs. 120.20 against the previous closing price of Rs. 120.35. It touched the intra-day low of Rs. 119.40 till the trading. 

However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 2025 metric tonnes to 526875 metric tonnes as on September 4, 2015. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.

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Mcx Silver December Contract Trades Lower

MCX SILVER September contract was trading at Rs 34685 down Rs 43, or 0.12 percent. The SILVER rate touched an intraday high of Rs 34685 and an intraday low of Rs 34685. 

So far 1 contracts have been traded. SILVER prices have moved down Rs 6410, or 15.60 percent in the September series so far. MCX SILVER December contract was trading at Rs 35291 down Rs 67, or 0.19 percent. 

The SILVER rate touched an intraday high of Rs 35385 and an intraday low of Rs 35271. So far 678 contracts have been traded. SILVER prices have moved down Rs 3829, or 9.79 percent in the December series so far.


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Gold Eyes Worst Week In Five As Strong U.S. Data Fuels Fed Hike View

Gold was stuck near recent lows on Friday and was on track to post its biggest weekly drop in five as strong U.S. economic data backed the case for a near-term increase in interest rates.

A looming U.S. rate hike has dimmed the appeal of non-interest bearing assets as gold, which may explain the fall in the metal from a recent seven-week high even as global equities tumbled on fears over a slowing Chinese economy.

The upward revision in U.S. economic growth in the second quarter to 3.7 percent from the initial estimate of 2.3 percent spurred market expectations that the Federal Reserve could still raise rates this year despite the market turmoil.

Spot gold was up 0.4 percent at $1,129.60 an ounce by 0226 GMT, but down almost 3 percent for the week.

The metal touched a one-week low of $1,117.35 on Wednesday and has lost more than 3 percent since hitting a seven-week top on Aug. 21

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MCX TIPS---- CRUDE TRADING UPDATE BY MARKERTMAGNIFY

Brent crude climbed by more than USD 1 a barrel on Thursday on an unexpected fall in US crude inventories and a rally in global equity markets, but a stronger dollar capped gains.

Front-month Brent LCOc1, the global oil benchmark, had gained USD 1.10 to USD 44.24 a barrel by 0300 GMT (11.00 p.m. EDT), having ended down 7 cents at USD 43.14 on Wednesday.

US crude's front-month contract CLc1 rose 91 cents to USD 39.51 a barrel, after settling down 71 cents, or 1.8 percent, at USD 38.60 a barrel.

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MCX TIPS Silver December contract trades flat

MCX SILVER September contract was trading at Rs 35418 up Rs 8, or 0.02 percent. The SILVER rate touched an intraday high of Rs 35441 and an intraday low of Rs 35295. So far 665 contracts have been traded. SILVER prices have moved down Rs 5677, or 13.81 percent in the September series so far.

 MCX SILVER December contract was trading at Rs 36236 up Rs 5, or 0.01 percent. The SILVER rate touched an intraday high of Rs 36250 and an intraday low of Rs 36115. So far 62 contracts have been traded. SILVER prices have moved down Rs 2884, or 7.37 percent in the December series so far.




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MCX TIPS- TURMERIC MARKET UPDATE BY MARKETMAGNIFY

Turmeric settled down -3.25% at 7800 due to medium quality arrival in the spot market.

Though, good demand from North India capped some losses. However, prospects of weak monsoon in July – August may affect turmeric production in rainfed areas while irrigated turmeric may not affect much. However, excess rains during the vegetative and harvesting may adversely affect the production and quality.

As per Telengana Agricultural Department, till now around 36,000 ha area has been sown under turmeric vs 37,000 ha same time last year. Total 50,000 ha area is covered.

Turmeric trading range for the day is 7526-8266.

Turmeric prices ended with losses due to medium quality arrival in the spot market.

However, prospects of weak monsoon in July – August may affect turmeric production in rainfed areas while irrigated turmeric may not affect much.

NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 13502 tonnes.

In Nizamabad, a major spot market in AP, the price ended at 7559.6 rupees gained 25.6 rupees.

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MCX TIPS-Brent, US oil mark fresh 6-1/2-yr lows on China

Brent and US crude oil futures hit fresh 6-1/2-year lows on Monday as investors fretted that a slowing Chinese economy will lead to weaker demand amid a global supply surplus.

 Other commodities also hit fresh lows in early Asian trading as fears spread that a more severe slowdown in China would pull down other economies in the region, denting energy and raw material consumption.

Brent oil LCOc1 was trading down 94 cents at an intraday low of USD 44.52 a barrel as of 0251 GMT, its lowest since March 2009.

On Friday it ended USD 1.16, or 2.5 percent, lower at USD 45.46 a barrel.

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